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Petroleum / Mining in South Korea

  • The Uzbekistan-Korea Tungsten joint venture will start the construction

    SOUTH KOREA, 2015/10/26 The Uzbekistan-Korea Tungsten joint venture will start the construction of a tungsten mining and processing complex on the basis of the Sautbay field (Navoi region, the central part of Uzbekistan) in the second half 2016, one of the representatives of the Korean Shindong Resources Co., which is co-founder of the joint venture, said. He made the remarks during the international conference“Investment potential of hard minerals of Uzbekistan” held in Tashkent. The total preliminary cost of the tungsten mining and processing complex construction project is about $150 million. In August 2011, the Korean Shindong Resources Co Ltd and Uzbek National Geology Committee signed an agreement on establishing a joint venture called Uzbekistan-Korea Tungsten to develop the Sautbay tungsten deposit. The joint venture, in which the share of the Uzbek National Geology Committee is 49 %, and the share of Korean companies is 51 %, was established in 2013.

  • South Korea, Turkmenistan mull cooperation in oil, gas sector

    SOUTH KOREA, 2015/04/25 South Korea and Turkmenistan have focused on the diversification of economic cooperation through the enhancement of energy and financial cooperation, and trade and investment regulations. Turkmenistan President Gurbanguly Berdimuhamedov held talks with South Korea President Park Geun-hye on April 13 in Seoul to enhance bilateral cooperation in the oil and gas inclunding other economic sectors. South Korea supported a $13 billion scale project, which includes natural gas-to-liquids plant construction and the modernization of essential oil factories in Turkmenistan, South Korean media reported.

  • South Korea’s Iran crude imports fall, but more cuts needed

    IRAN, 2013/07/20 South Korea’s imports of crude from Iran fell 7 % in June, against the daily average for the previous six months, less than half the rate Seoul has pledged it will cut oil shipments from the sanctions-hit country over the next six months. To meet its pledge to Washington, South Korea needs to import less than 126,000 barrels per day (bpd) in the June-November period, but June’s daily rate came in at 138,157 bpd, based on calculations on import data from the Korea Customs Service on Monday. Nations that import Iranian oil must make continuous cuts to keep getting six-month waivers on U.S. sanctions aimed at cutting Iran’s flow of oil money and forcing it to negotiate over curbing its disputed nuclear program.

  • South Korean refiner Hyundai Oilbank

    SOUTH KOREA, 2013/05/23 South Korean refiner Hyundai Oilbank is ready to start supplying 380 CST bunker fuel with a maximum sulfur content of 1% from its Busan terminal in the country's southeast in the second half of May, a company source said Thursday. Hyundai expects to sell 5,000-6,000 mt/month of the fuel, according to the source.

  • South Korea LNG, coal imports jump in March

    SOUTH KOREA, 2011/04/17 South Korea’s liquefied natural gas and coal imports rose by double digits in March from year-ago levels as economic recovery at the world’s second-major LNG buyer boosted consumption. South Korea’s need to replenish LNG stocks next saying it would help quake-stricken Japan with supplies and bullish oil prices as well contributed to higher imports, analysts said.

  • South Korea Mining Report Q3 2010

    SOUTH KOREA, 2011/01/17

  • South Korea Oil and Gas Report Q1 2011

    SOUTH KOREA, 2011/01/17 South Korea will account for 8.67% of Asia Pacific regional oil request by 2015, while making no appreciable contribution to supply. Regional oil use of 21.42mn barrels per day (b/d) in 2001 will reach an estimated 27.11mn b/d in 2010, again rises to around 30.64mn b/d by 2015. Regional oil production was around 8.35mn b/d in 2001, and will average an estimated 8.91mn b/d in 2010.
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